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The Hungarian banking sector saw profits jump 50% last year and domestic ownership further growing, according to the latest data from the National Bank of Hungary (MNB). Despite speculation about the state possibly selling Budapest Bank, we appear to be looking at a healthy sector that might face some kind of concentration, MKB Bank tells the Budapest Business Journal.

Hungaryʼs cash flow-based general government, excluding local councils, ran a HUF 526.6 billion deficit at the end of February, show preliminary data released Wednesday by the Ministry for National Economy. The deficit thus reached 38.7% of the HUF 1,360.7 bln full-year target, state news wire MTI-Econews calculated.

Hungaryʼs government plans to reduce the cash flow-based general government deficit to zero by 2020, while achieving economic growth over the European Union average in 2018-2022, Minister for National Economy Mihály Varga said at the annual opening of the Hungarian Chamber of Commerce and Industry (MKIK) on Tuesday.

The volume of Hungaryʼs gross domestic product (GDP) rose 4.4% year-on-year in the fourth quarter and 4.0% in the full year of 2017, the Central Statistical Office (KSH) confirmed in a second, detailed reading of data on Tuesday. The primary contributors to growth in Q4 were market-based services and construction.

Hungarian retail sales on the food, household chemicals and cosmetics market grew by 8.2% in value in the fourth quarter of 2017, year-on-year, which is double the European average, says market researcher Nielsen, cited by business news portal vg.hu.

Hungaryʼs policymakers "feel pleased" with how their policies have worked out, and reject any notion that the economy is overheating, London-based emerging markets economists at investment bank Morgan Stanley said on Monday, in a report highlighting the key findings of a recent trip to Hungary.

The GDP growth of 4% seen last year may be repeated this year, according to research institute GKI. While the 17% increase in investments in 2017 will slow down to about half that amount this year, GKI says the rise in consumption of over 4% will be maintained.

Net income of the Hungarian business of Austriaʼs Erste Group rose 23.4% to EUR 164.9 million last year, an earnings report released Wednesday shows. Erste Bank Hungaryʼs consolidated total assets stood at EUR 7.151 billion at the end of the year, up 8.2% from twelve months earlier.

The Italian Chamber of Commerce for Hungary (CCIU) will be holding a workshop on the EUʼs General Data Protection Regulation (GDPR) next Tuesday (March 6), entitled "GDPR Rules: Processing of Personal Data." The workshop, which will take place at the Italian Cultural Institute (1088 Budapest, Brody Sandor utca 8), will also be streamed live.